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At
the beginning of March, the ledger of Sina showed cash of $500,000 and Anin Sina, Capital of
$500,000.
March 1 Purchased merchandise on account from Andy Supply $8,000, terms 2/10,
n/30.
2 Sold merchandise on account $4,000 to Mr. Kanatawa, terms 1/10, n/30. The
cost of the merchandise sold was $3,100.
Accounts Receivable............................4,000
Sales.................................................4,000
Accounts Payable.....................................$600
Merchandise Inventory..................$600
Accounts Payable.....................................$100
Merchandise Inventory..................$100
Supplies ....................................................900
Cash...................................................900
Merchandise Inventory.........................2,700
Cash...................................................2,700
Cash............................................................230
Merchandise Inventory................230
Cash.............................................................................. 50,000
Notes Payable ................................................... 50,000
Merchandise Inventory.........................2,500
Accounts Payable .........................2,500
Merchandise Inventory.........................250
Cash...................................................250
17 Sold merchandise for cash $6,200. The merchandise sold had a cost of
$4,600.
Cash ..............................................................6,200
Sales.....................................................6,200
Accounts Payable.....................................2,500
Merchandise Inventory ..................50
($2,500 X 2%)
Cash .....................................................2,450
Accounts Receivable...............................1,600
Sales.....................................................1,600
Supplies…………………………………12,000
Cash………………………………12,000
Salaries Expenses…………………………….8,700
Cash…………………………………..8,700